Jiko CEO Stephane Lintner
A tiny start-up led by a former Goldman Sachs trader has become the first fintech firm to complete the acquisition of a nationally-regulated U.S. bank, CNBC has learned.
Jiko, a 23-person company co-founded by Stephane Lintner, has closed a deal to purchase Mid Central National Bank, a 63-year old retail bank based in Minnesota, according to people with knowledge of the transaction. The start-up secured approval for the move from the Office of the Comptroller of the Currency and the Federal Reserve Bank of San Francisco, these people said.
The move by Jiko, which bills itself as a new kind of bank, gives it broad access to the highly-regulated U.S….